In QuotedData’s morning briefing 29 September 2022:
- Rockwood Strategic (RKW) confirms that its shares are now admitted to listing on the premium segment of the Official List maintained by the FCA and to trading on the premium segment of the London Stock Exchange’s Main Market. The trust is moving across from AIM. [Now the focus needs to be on narrowing the discount from its current level of about 10%, and then growing the trust, which has a market cap of just £36m. That may be possible given its impressive track record, but markets will need to settle down first.]
- Bluefield Solar (BSIF) has established a Management Engagement Committee, chaired by Elizabeth (Libby) Burne; a Nomination Committee, chaired by John Rennocks; and an ESG Committee, chaired by Meriel Lenfestey. [Separately, and in common with many other funds in its and similar sectors, Bluefield’s shares have tumbled this week. We’ll seek to address the reasons for this in tomorrow’s weekly show.]
- Phoenix Spree Deutschland (PSDL) reported a 2.2% uplift in NAV to €5.72 in the six months to 30 June 2022, boosted by an increase in the value of its portfolio of rental apartments in Berlin. The average value per square metre rose to €4,318 (Dec 2021: €4,225). Like for like rental growth was up 3.7%, with 174 new leases signed at an 8.5% increase on the prior year and an average premium of 28.4% to passing rents. Vacancy was at 7.0% and on an EPRA basis (which strips out units under development or made available for sale) it was 2.5%. On the outlook, the company said: “Whilst rental values should continue to be supported by industry fundamentals, there has been a material deterioration in buyer sentiment since the beginning of the year. For PSDL, this has been evident in condominium sales and, to the extent that the key drivers of weaker buyer sentiment (higher mortgage rates, and a higher cost of living) are unlikely to reverse during the second half of the year, it is anticipated that condominium sales for the full year 2022 will be materially lower than 2021.”
- Great Portland Estates (GPE) has updated on letting activity since 30 June 2022, in which the group has signed 38 new leases and renewals, generating annual rent of £10.3m (GPE share: £9.0m). The lettings were on average 5.0% ahead of March 2022 estimated rental values (ERV). The company said lettings representing a further £42m of rent was under offer or under negotiation, including £7.1m under offer on existing space. Chief executive Toby Courtauld said: “Looking beyond current market volatility, our clear focus on prime sustainable spaces, combined with market leading levels of customer service, in core central London locations, will stand us in good stead. With our office market prospectively starved of new, grade A supply, our long pipeline of best in class developments and significant financial firepower with a proven track record of capitalising on opportunities as they arise, we reiterate our confident outlook.“
We also have news of a fundraise from Harmony Energy Income